The Press. WEDNESDAY, JANUARY 14, 1903. THE ECONOMIC CRISIS IN GERMANY.

Press, Volume LX, Issue 11481, 14 January 1903, Page 6

The Press. WEDNESDAY, JANUARY 14, 1903. THE ECONOMIC CRISIS IN GERMANY.

The cloud of depression—commercial ami industrial—still hangs heavily over Germany. The crisis which for tl« past two-«nd-:i-half years has affected the whole economic hfe of the nation is reflected in the new Budget. There is a deficit of eleven millions suvliug, and this, a cable messairfl tells us, is officially attributed to the serious condition of German trade. It was thought, that the cessation of hostilities in South Africa would tend to improve matters, but the war has been over now for mouths, and the depression in Germany remains as acute as ever. A memorial iece:itly piesented to the Impaial Chancellor by the Comuv.ut.ia! Treaties Association witli reference to the taritf question gave a jjlocmy picture of the state of trade and industry. " Notwithstanding the con- ■" s'deraWe e:q>-.nt titub which is siill con- '• ducted -under iha protection of the ex- " treaties of c-emmern.-," ran ths memorial, '" German industry in its most " productive branches is suffering from want "■ of employment in a high degree, from "■ widespread want of work for those whom ■' it employs, and from reduction of wages. "The spirit of enterprise is practically ex- " tinct, new plant is hardly anywhere 'beiiii» "acquired, and manufacturing premises are " haully anywhere being extended." Reduced dividends have marked the year's operations of all the great joint stock companies, some cf which, indeed, have worked at a loss runninsr into tons cf thousands of pounds. Never before, it is said, lias there l«en suei> a lack of work in the great industries of the country. Dozens of mills have already closed down, bankruptcies are on the incre-a.se. and the army of unemployed grows ever greater. To add to the distress of the poorer classes, the cost of living has increased enormously in nearly all parts of the Empire, and notv that the winter season lias arrived the i misery of the unemployed and those working fur a bare pittance must be acute indeed. The melancholy nature of the situation has been aggravated by the uncertainty which prevailed throughout the year ■with reference to the commercial treaties and the long-drawn-out attempt to settle (lie new tariff. This feeling of uncertainty has been to some -extent removed by the lecent passing of the tariff, but it yet remains to be seen wJiat will be the effect of the new commercial policy of Germany. Under even the most favourable auspices the German economic body is not likely soon to recover from the damaging effects of a crisis so severe and so prolonged; and the prospects at the present time seem to be the reverse of favourable.